March 2017 RE/MAX National Housing Report

March 2017 RE/MAX National Housing Report

February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to the March 2017 RE/MAX National Housing Report that surveys fifty-three metro areas every month.

Last month saw a negligible decline in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year. Meanwhile, active inventory reached a record low for February, dropping 17.9 percent year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008. As a result, the Median Sales Price of $212,000 – another February record – was up six percent year-over-year. This is the eleventh consecutive month of year-over-year price increases.

“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.“The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”

The average Days on Market for homes sold in February 2017 was sixty-eight, up two days from the average in January 2017, but down seven days from the February 2016 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Click here to download your copy of the March 2017 RE/MAX National Housing Report. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Regal Team today! We offer unparalleled service to all clients in the Phoenix, Arizona real estate market. Your complete satisfaction with our service and representation is our number one priority!